The Coronavirus will cause unprecedented shock to the global economy

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      <subfield code="a">The Coronavirus will cause unprecedented shock to the global economy</subfield>
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      <subfield code="a">Global Macro Outlook 2020-21 (March 25, 2020 Update)</subfield>
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      <subfield code="a">The G-20 economies will experience an unprecedented shock in the first half of this year and will contract in 2020 as a whole, before picking up in 2021. We have revised our growth forecasts downward for 2020 as the rising economic costs of the coronavirus shock and the policy responses to combat the downturn are becoming clearer. We now expect G-20 real GDP to contract by 0.5% in 2020, followed by a pickup to 3.2% growth in 2021. In November last year, before the emergence of the coronavirus, we were expecting G-20 economies to grow by 2.6% in 2020.</subfield>
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      <subfield code="a">Summary -- The global economy will contract in 2020, followed by a pickup in 2021 -- We have revised down growth forecasts for almost every G-20 economy -- The recovery in emerging markets will be weaker than in advanced markets -- Moody's related publications</subfield>
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